It is well known in the art to use an automated teller machine (ATM) operable at all hours to satisfy needs for dispensing cash at unmanned remote locations. The convenience of ATMs has made them extremely popular with the general public. Moreover, retail merchandisers have found that the on-premise location of an ATM attracts customers who then tend to make cash purchases. Thus, the presence of an ATM tends to increase sales.
ATMs typically transmit and receive transaction authorization and verification information to and from an electronic funds transfer ("EFT") host financial transaction computer over conventional telephone lines. Accordingly, such devices may be conveniently placed and operated at almost any desired remote location. Unfortunately, an ATM is quite expensive. Furthermore, the supply of cash in an ATM must be periodically replenished, which is usually accomplished by an armored car service. Such servicing further increases the cost of ATM operation. Because of purchase and service costs, ATMs are not economically practical except at locations which attract relatively high use.
Retail establishments such as convenience stores, retail fuel sales outlets and the like handle large volumes of cash and are thus quite prone to robbery, employee theft, etc. To address this problem, cash management systems that employ a device known as a time delayed cash dispenser have become widely used to prevent such cash losses. Time delayed cash dispensers comprise a safe-like container for containing cash packaged in known amounts in small containers such as wrappers, tubes or the like. Cash is periodically removed from the retail establishment's cash register and placed in the containers which are then deposited in vend columns of the time delayed cash dispenser for safekeeping. The cash containers cannot be removed from the time delayed cash dispenser except by activation of the apparatus to dispense one container at a time. Furthermore, the apparatus can only be activated to permit withdrawals on a time delayed basis. Thus, once the machine has been activated to dispense one container, it cannot be activated to dispense another container until a pre-set time period has elapsed. Accordingly, even though the apparatus may contain a significant amount of cash at any one time, the attendant must account for each deposit and withdrawal and withdrawals can only be made at predetermined timed intervals.
As described above, ATMs and time delayed cash dispensers perform basically different functions for basically different purposes. However, both satisfy a distinct need for which the operator/user must pay a cost. Except for the cost, it would be desirable to locate an ATM at each location that has a time delayed cash dispenser.